New York State Teachers Retirement System Sells 10,800 Shares of Lamar Advertising (NASDAQ:LAMR)

New York State Teachers Retirement System decreased its stake in shares of Lamar Advertising (NASDAQ:LAMR) by 8.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 111,775 shares of the real estate investment trust’s stock after selling 10,800 shares during the quarter. New York State Teachers Retirement System’s holdings in Lamar Advertising were worth $14,933,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Foundations Investment Advisors LLC boosted its holdings in shares of Lamar Advertising by 2.2% during the 3rd quarter. Foundations Investment Advisors LLC now owns 3,744 shares of the real estate investment trust’s stock worth $500,000 after buying an additional 80 shares during the period. Private Advisor Group LLC boosted its holdings in Lamar Advertising by 0.7% in the 3rd quarter. Private Advisor Group LLC now owns 11,798 shares of the real estate investment trust’s stock valued at $1,576,000 after purchasing an additional 82 shares during the period. Jamison Private Wealth Management Inc. boosted its holdings in Lamar Advertising by 6.6% in the 3rd quarter. Jamison Private Wealth Management Inc. now owns 1,349 shares of the real estate investment trust’s stock valued at $180,000 after purchasing an additional 84 shares during the period. Global Retirement Partners LLC boosted its holdings in Lamar Advertising by 1.0% in the 3rd quarter. Global Retirement Partners LLC now owns 9,945 shares of the real estate investment trust’s stock valued at $1,329,000 after purchasing an additional 97 shares during the period. Finally, SPC Financial Inc. boosted its holdings in Lamar Advertising by 3.6% in the 1st quarter. SPC Financial Inc. now owns 3,003 shares of the real estate investment trust’s stock valued at $359,000 after purchasing an additional 103 shares during the period. Institutional investors own 93.78% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. StockNews.com raised shares of Lamar Advertising from a “hold” rating to a “buy” rating in a report on Friday, October 18th. Citigroup downgraded shares of Lamar Advertising from a “buy” rating to a “neutral” rating and set a $122.00 price objective for the company. in a report on Thursday, July 11th. JPMorgan Chase & Co. boosted their price objective on shares of Lamar Advertising from $117.00 to $121.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. TD Cowen boosted their price objective on shares of Lamar Advertising from $135.00 to $140.00 and gave the company a “buy” rating in a report on Friday, August 9th. Finally, Wells Fargo & Company assumed coverage on shares of Lamar Advertising in a report on Thursday, September 19th. They issued an “equal weight” rating and a $132.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Lamar Advertising presently has a consensus rating of “Hold” and a consensus price target of $125.00.

Lamar Advertising Stock Performance

Shares of Lamar Advertising stock opened at $131.25 on Friday. The company has a 50 day moving average of $130.91 and a 200-day moving average of $122.21. Lamar Advertising has a 1-year low of $85.82 and a 1-year high of $139.88. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 2.31. The company has a market cap of $13.43 billion, a PE ratio of 26.62 and a beta of 1.52.

Lamar Advertising (NASDAQ:LAMR) last issued its quarterly earnings results on Thursday, August 8th. The real estate investment trust reported $1.34 earnings per share for the quarter, missing analysts’ consensus estimates of $2.01 by ($0.67). The firm had revenue of $565.25 million for the quarter, compared to the consensus estimate of $564.96 million. Lamar Advertising had a return on equity of 42.18% and a net margin of 23.34%. The business’s revenue was up 4.5% on a year-over-year basis. During the same period last year, the company posted $1.90 EPS. As a group, equities research analysts forecast that Lamar Advertising will post 7.75 earnings per share for the current fiscal year.

Lamar Advertising Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Wednesday, September 18th were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 4.27%. This is a boost from Lamar Advertising’s previous quarterly dividend of $1.30. The ex-dividend date was Wednesday, September 18th. Lamar Advertising’s dividend payout ratio is currently 113.59%.

Lamar Advertising Profile

Lamar Advertising Company operates as an outdoor advertising company in the United States and Canada. The company owns and operates billboards, logo signs, and transit advertising displays, as well as rents space for advertising on billboards, buses, shelters, benches, logo plates, and in airport terminals.